Rahul Gandhi’s Accusation of ‘Largest Stock Market Scam’

NiftyTrader • June 7, 2024

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At the press conference, Rahul Gandhi outlined his grave concerns regarding what he described as the “biggest stock market scam” in India’s history.

“Why did the five crore households who were participating in the stock market receive particular investment advice from the Prime Minister and the Union Home Minister? Do they have to offer advise on investments? Why were both interviews granted to media outlets controlled by the same company, which is also the subject of a SEBI probe for stock manipulation? Gandhi spoke during a news conference.
“What is the relationship between the BJP, the Uncertain exit pollsters, and the suspicious foreign investors who made their investment the day before the announcement of the exit polls and profited handsomely at the expense of five crore salaries?” he further added.

The Call for a Joint Parliamentary Committee (JPC) Probe

Gandhi has demanded the formation of a Joint Parliamentary Committee (JPC) to investigate the matter thoroughly.

“We require a JPC to look into this. We firmly believe that this is a fraud. The Prime Minister and the Union Home Minister have indicated that it is okay to purchase, in which thousands of crores of rupees were made by someone at the expense of ordinary Indian investors. we are requesting today that a joint parliamentary committee look into this,” the Congress leader said.

Amit Shah’s Address

During a press conference earlier this week, Amit Shah has advised against explicitly relating changes in the stock market to the current Lok Sabha elections. “The market has previously dropped sharply as well. Therefore, it shouldn’t be directly related to elections. In any case, the collapse could have been fueled by certain speculations. I would say purchase by June 4. The market will explode in growth,” Shah told NDTV.

Broader than the Adani issue, states Rahul.

“This is directly the Indian Prime Minister and the Home Minister, who are recommending regular investors to purchase equities and who have access to information about the real election results, IB reports, and their own statistics,” It’s noteworthy to note that the PM has never made stock market commentary previously, as noted by Rahul. “We observed that, for the first time, Finance Minister Nirmala Sitharaman, Home Minister Shah, and Prime Minister Modi made remarks about the stock market during the polls.”

He said. “This is a broader issue than just the Adani issue. It is connected to the Adani issue, but this is a much broader issue,” he further added.

Market Response

The allegations have not gone unnoticed by the financial markets. The Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) witnessed heightened volatility in the aftermath of Gandhi’s speech. Investors, both domestic and foreign, are closely monitoring the developments, wary of the potential ramifications on their portfolios.

Until next time, stay informed, stay vigilant.